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Wed 3 Jan 2018, 09:00 GMT

Mixed news keeps oil in tight range


By A/S Global Risk Management.

Oil prices remained in a tight trading range on mixed news. The huge Forties pipeline as well as a Libyan pipeline have both restarted, but the geopolitical risk premium in Iran has increased heavily.

Along with the current unrest in Iran, the U.S. president has refused to certify the international accord on the nuclear deal. The president also continues to spur fears of an escalation of the ongoing nuclear dispute between the U.S. and North Korea.

The Forties Pipeline transports around 450,000 barrels per day of North Sea Brent oil and was closed due to a leak in mid-December. Now the force majeure has been lifted and is "fully operational", according to the operator.

Tonight the weekly oil stocks data from the American Petroleum Institute (API) is published; consensus is draw in crude oil stocks, builds in gasoline and distillates stocks. Tomorrow, the more-closely-followed report from the EIA is published.

Turning to economic data, today will see the U.S. central bank meeting minutes as well as ISM Manufacturing PMI from the U.S. published. Chinese Caixin Services PMI is released overnight. .

Container ship at harbour. Skuld warns of unusual chemical compounds in Southeast Asian marine fuels  

Marine insurer reports fuels meeting ISO 8217 standards but containing high levels of hydrocarbon compounds.
Arsenio Dominguez, IMO. IMO chief urges progress on net-zero framework amid Hormuz crisis  

Arsenio Dominguez calls for constructive dialogue as MEPC 84 tackles greenhouse gas measures and ballast water regulations.
Monjasa Shaker vessel. Monjasa reflags UAE-based tankers to Emirates registry  

Marine fuels supplier transitions first of three vessels from Liberian to UAE flag.
Ammonia bunkering at Port of Ulsan. Lotte Fine Chemical completes world’s first commercial ammonia bunkering at Ulsan  

South Korean chemical company claims to have established a complete green ammonia value chain.
London skyline. Propeller Fuels seeks bunker trader for London office  

Marine fuel supplier advertises for trader to manage procurement, sales and client relationships.
Windward Hamburg vessel. Fincantieri’s VARD launches first of four offshore wind vessels for Windward Offshore  

VARD 4 19 design vessel features battery hybrid propulsion and green methanol preparation.
Singapore Maritime Week panel session. Singapore industry leaders call for regulatory clarity on maritime energy transition  

SSA councillors highlight need for government support and clear policies to enable alternative fuel adoption.
Aerial view of container vessel at sea. Seaspan and Technolog unveil LNG feeder design with four-week ammonia conversion pathway  

Lloyd’s Register grants approval for a 3,370 TEU vessel concept designed for swift transition to zero-carbon fuel.
David Foo, MPA. Singapore’s MPA backs LNG as part of multi-fuel strategy for shipping decarbonisation  

Authority emphasises regulatory frameworks and workforce development as sector navigates geopolitical uncertainty and energy transition.
ABS and PIL sign MoU. ABS and PIL partner on book-and-claim emissions verification  

Classification society to verify fuel consumption and emissions data for shipping line’s alternative fuel claims.

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